Wise Money Transfer Review 2023: Features & Alternatives
Reviewed by Randolph Vialva, MBA
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Wise is a financial technology company that provides some of the best exchange rates for transferring and exchanging money from one currency to another.
Pros
- Quick money transfers for most transactions
- No markup on exchange rates
- Multi-currency account and prepaid debit card
Cons
- No cash pickup services
- Higher transfer fees than some competitors
- Limited customer support on the phone
- Multiple pay-in options
- Multi-currency account
- Debit card
- Swift and low-cost currency exchange
- 3D secure online payments
Formerly known as Transferwise, Wise was founded in 2011 with the primary goal of simplifying international money transfers and providing lower-cost services. Today, the company has over 12 million customers worldwide who send payments worth 8 billion dollars every month to over 80 countries.
Wise is a financial technology company that provides a low-cost way to send money from the United States to over 70 countries. This finance company, formerly known as TransferWise, provides some of the best exchange rates for transferring and exchanging money from one currency to another. Wise was founded in 2011 with the primary goal of simplifying international money transfers and providing lower-cost services. Furthermore, the company intends to reduce money transfer costs until cross-border transfers become free.
At the moment, over 12 million customers worldwide use Wise to send payments worth 8 billion dollars every month to over 80 countries. You can fund a Wise transfer with a bank account, credit card, debit card, an international swift network, Apple Pay, or Google Pay. Wise Money Transfer delivers a comprehensive range of user-friendly services and features, some of the best prices and exchange rates in the market, and a level of security and transparency that is practically unmatched in the industry.
Some of the top features Wise offers include affordable international transfer services, no margin for exchange rates, reasonable and clear costs, and a vast selection of pay-in options. From the perspective of its clients, all of this adds up to Wise being a highly regarded service.
What Are Money Transfer Services?
Money transfer services make it possible to send money internationally by offering competitive exchange rates at the lowest available prices, resulting in a hassle-free experience. Furthermore, money transfer companies work hard to save you time by streamlining the transfer process so that it can be completed online in minutes. When selecting a transfer service provider, consider the exchange rate, transfer fees, transfer speed, and security.
Generally, most money transfer services fall within these three categories:
- Remittance companies
- Peer-to-peer(P2P)
- Non-peer-to-peer (P2P).
How To Transfer Money On Wise?
Wise allows you to send money from the United States to over 50 countries. Furthermore, you can send money overseas if the recipient’s bank account is in US dollars, Euros, or British pounds. Currently, Wise can send money to more than 80 countries.
To send money using your Wise account, first, enter the amount you want to send and the country to which you want to send it into the Wise calculator. This allows you to see all fees and exchange rates upfront.
Opening a wise account
You can create a free account on the Wise website or mobile application using your email address. Set up an international transfer by entering the amount you want to send, the destination country, currency, and delivery method. You can pay on Wise with a debit card, credit card, or via a local bank transfer to Wise’s bank account. The next step is adding your recipient’s bank account details and other information.
Finally, review all your transfer details and your beneficiary’s details. If all the details are correct, click “confirm and continue” and make payment using the Wise bank details provided. Wise international transfers take anywhere from a few seconds to five business days to complete, depending on the currency and payment method used. According to Wise, roughly half of all international transfers arrive within an hour.
Wise Money Transfer Advantages
Customers with a private or business account have access to a range of unique features. Wise doesn’t mark up its exchange rate fees. We have cited some advantages of using Wise.
Fast Delivery
Wise money transfer offers cash delivery within minutes for personal transfers using a debit or credit card.
Affordable Fees
Wise money transfers often involve affordable fees and charges. The fee for sending money depends on the country you are sending money to and the method of payment.
Various Available Services
Wise offers all services on the Wise website and Wise app.
Multi-lingual Support
Because Wise operates in a number of international locations, customer support is available in a variety of languages
Wise Money Transfer Pricing
Wise pricing enables you to only pay for the services you use. With Wise, there is no monthly subscription, no hefty fees, and no hidden charges.
| Wise Money Transfer | |
| Opening an account | Free |
| Sending money | From 0.41% |
| Getting the Wise debit card | 5 GBP |
| Converting money | From 0.41% |
| Holding money in your account | Free in 50+ currencies |
| Getting account details in 10 currencies | Free |
| Receiving money | Free |
| Receiving USD wire payments | 4.14 USD |
The money transfer fees in Wise are determined by the amount of money being sent, the recipient’s currency, and the mode of payment. Wise charges a percentage of the total amount being sent by using the mid-market exchange rate. This mid-market exchange rate helps Wise calculate the cost of currency exchange.
Banks pay a “buy-rate” to buy currencies and sell currencies at a “sell rate”. The mid-market exchange rate helps find the average of the buy and sell rates. When transferring money in the same currency from one wise account to another, no conversion fee is required. However, Wise charges a token to complete the international transfer. Apart from the same currency transactions, multi-currency account transfers require a conversion fee.
Wise Money Transfer Quick Overview
Best Overall Value
- No hidden fees and charges. Wise is transparent with transfer fees.
- Very affordable transfer costs to send money abroad.
- Wise offers the best exchange rate since it is based on the mid-market rate.
- Businesses and individuals can use Wise services.
- Mastercard debit cards and multi-currency account services are offered by Wise.
Wise Money Transfer Customer Reviews
My cousin came to visit me in Europe and I told him to create a Wise account and get the debit card to use here. His experience was absolutely perfect! Easy to buy more euros when needed and no problems using the card.He travels a lot, so Wise became his main account for that since he can have many different currencies and convert between them with a few clicks.
Carlos
Simply Amazing, I am using Wise for almost more than a year now and very easy step-by-step process, very informative and very well organized. The process is really simple yet I like the part how all the verifications are done so it gives you the best security experience which is what a customer looks for from a bank.
Jeremiah Mark Joseph
With the Wise Card I have multiple currency accounts on the card and it is very easy to add funds, transfer funds, and withdraw funds from many TCMs around the world. My recent use in Sweden and in Australia was seamless. My regular high street does not offer this type of service. I recommend you take a look at Wise to see if they suit your needs.
DavidGWhizz
Nice, friendly and very easy application. Will Promote and recommend everyone vest. Compare to Pay Pal thieves and liars. They stole interest from me and held your funds how much they want like a mafia. Would recommend TransferWise.
Jaromir Poborsky
Wise Money Transfer Review
Review of Lorem Ipsum
| Overall Pricing and Value | 92%
| 92% |
| Cost Value | 96%
| 96% |
| Customer Support | 85%
| 85% |
| Ease of Use | 95%
| 95% |
| Included Features | 92%
| 92% |
This comprehensive Wise review tells you all you need to know about the services offered by Wise, including their costs, safety, and the time it takes to move money internationally through Wise.
Is This Brand Right For You?
This depends majorly on usage. Without a doubt, Wise is incredibly affordable and features cutting-edge technology. Wise money transfers, the Wise multi-currency account, and the Wise debit card are all supported by Wise’s unwavering dedication to technology and great user experience. Wise is a great option for users who need to send or receive money internationally online. Customers with greater needs, like those involving a real estate transaction, a mortgage transfer, or significant company payments, may find it advantageous to use a currency broker or other alternatives.
Cost Value
Wise transfer fees are displayed on the Wise website and on the homepage of the Wise app throughout the process of arranging an international money transfer. The costs are made up of the transfer fees related to the transfer type, the amount to be converted, the exchange rate, and the amount you saved by using Wise as opposed to bank accounts.
Wise relies on fees to generate revenue because the company does not add a markup to its exchange rates. Hence, the fees are negligible in comparison to the fees for bank transfers and depend on the amount transferred, the location, and the payment method. However, certain additional fees may apply based on the nation, currency, and amount you’re sending or receiving.
Customer Service
In terms of customer service, Wise prides itself on answering calls with real agents, not automated systems. These agents do business in 14 languages in total. In addition, Wise customer service is usually available 365 days a year. You can contact Wise via phone support or live chat on the Wise website. However, some users report that the help center sometimes sends messages that the support team is “busy.”
Ease of Use
The Wise website and mobile application feature easy and user-friendly navigation. However, the large number of currencies and countries available might make keeping track of transaction details a bit challenging. Wise has a free mobile application for the iPhone and iPad, although it can be installed on only iOS 14.0 and later devices. In addition, there is a free Wise Android application available on Google Playstore.
Wise protects data by using HTTPS encryption and a two-step login process. Although the company promises to never misuse customer data, the App Store page shows some types of data that may be collected and linked to your identity.
Included Features
Wise allows large international money transfers from one bank account to another. Wise offers swift and low-cost currency exchange and gives you the resources you need to pay international invoices.
With Wise, you can complete a personal transfer even if your beneficiary doesn’t have a Wise account. You also receive monthly statements that can be used to keep track of how much money you have been spending and receiving. The Wise business account provides interfaces with popular invoicing software, along with a clear transfer calculator to show the current exchange rate and your charges
Additionally, Wise offers 3D secure online payments. However, Wise does not offer features like joint accounts, overdrafts, and interest on your savings.
Overall
Wise is one of the best options to send money internationally. Wise transfers money in a simple and safe manner in addition to having the lowest pricing. It transfers money very fast, taking only a few hours to two business days to complete transactions.
By using Wise for international transfers, you can meet personal and professional needs. Business owners can transfer money across different currencies and international destinations with the use of borderless accounts. Wise offers lower prices and makes your transactions easy, fast, and straightforward.
2 Top Wise Money Transfer Alternatives
KOHO
KOHO Financial, Inc. is a popular Canadian fintech company that was established by Daniel Eberhard in 2014. In 2017, KOHO was introduced as a platform for direct and electronic payments, via which you may make purchases, pay bills, and withdraw Canadian dollars just like you would with any other Canadian dollar Mastercard. KOHO aims to achieve easy, fast, and affordable everyday banking for users.
MOGO
Mogo is a Vancouver-based, publicly traded fintech company that is subject to FINTRAC regulation. David Marshall Feller, who is currently the company’s CEO, founded the company in 2003. Some of MOGO’s services include personal loans, mortgages, protection against ID fraud, free credit score monitoring, prepaid Visa cards, and cryptocurrency. MOGO has more than one million customers, and this fintech company has created over 1,300,000 loans to date. Mogo debuted in 2015 on the TSX (Toronto Stock Exchange) and in 2018 on the NASDAQ.
Conclusion
Wise offers a variety of options for sending international payments at affordable costs. The payment company also allows you to hold, send, spend, and receive different currencies with ease. With Wise, you will always get the mid-market exchange rate without any markups. Therefore, you only have to pay a small, transparent price for the services used, and you will always be aware of the transaction cost before committing.
Frequently Asked Questions (FAQs)
Answer: You can make transfers from one country to another using a debit or credit card, a bank account, an international swift network, Apple Pay, or Google Pay.
Answer: The amount you can transfer with Wise depends on the type of transaction. For instance, debit(ACH) transactions allow you to send as much as $15,000 daily. For a debit or credit card transaction, you can transfer up to $2,000 every 24 hours and $8,000 every 7 days. Local bank accounts let you transfer as much as $1 million. This amount increases to $1.6 million for an international wire transfer using the SWIFT network.
Answer: Yes. Wise, formerly TransferWise, is a well-known and reliable provider of international transfers. All transactions are secured and preserved using industry-standard HTTPS encryption, and Wise customers’ funds used for transfers are safeguarded in segregated accounts separate from Wise accounts.
Answer: Yes, you are saving money every time you transfer with Wise. The amount you save compared to local bank transfers depends on the currencies involved, the recipient’s details, and the specific provider. The savings offered by Wise increase in size as you send money more often since Wise consistently offers the mid-market exchange rate. However, other providers mark up the exchange rate they give customers by a certain percentage.
Answer: Wise can get money to your beneficiary in as little as a few minutes or as long as a few business days. The precise time frame will vary based on the currencies and countries you’re sending money between, how you’re sending the money, when you’re sending it, and whether you need to provide identification. Be aware that bank transfer payments may cause delays because they sometimes take a little longer to clear.
Answer: Yes, it is legitimate. Using Wise to send and receive money internationally is highly secure. It is authorized in all 50 states and registered with the Financial Crimes Enforcement Network (FinCEN). The company, which has been in business since 2011, currently has over 13 million customers, and 3,300+ employees, and is listed on the London Stock Exchange (LON: WISE).
Transferring money from a Wise account to a bank account can be a bit challenging. To start with, sign into your Wise account, decide how much to send, enter the recipient’s banking details, and choose “bank transfer” as the payment option. The transfer must then be finished by logging into your bank account with your Wise account information after you have left your Wise account.
